| Since the reform and opening up nearly 40 years ago,China’s economy has made a leap in growth.Currently,the economy of China has transitioned from a phase of rapid growth to a phase of superior development characterized by high-quality standards.However,hidden dangers behind economic growth,such as extensive economic growth mode and misallocation of resources caused by double-biased policies,are an objective reality that cannot be ignored and have attracted the attention of the CPC Central Committee.The primary solution to address these novel issues is to enhance the caliber of economic advancement.In order to foster superior development,it is necessary to further advance supply-side structural reforms,while placing innovation at the core of this progression.One crucial facet of the "deepening supply-side structural reform" is to refine the allotment of production factors and rectify the mismatch between supply and demand.Based on the above practical and theoretical motivations,this thesis explores the impact of patent transfer on the efficiency of resource allocation and its mechanism,and tries to solve the following practical problems: on the basis that the resource mismatch problem of Chinese enterprises has been fully studied,whether there is a mismatch problem of knowledge resources,and if so,what are its characteristics and evolution trends? What is the impact of patent transfer between firms on the efficiency of capital,labor and knowledge allocation?Does the internal patent transfer and external patent transfer of enterprise group have different influence mechanisms on the three kinds of resource allocation efficiency? The answers to these questions will help ease the misallocation of enterprise resources,optimize the reallocation of different types of resources among enterprises,and promote higher quality economic development.In order to solve the above problems,firstly,this thesis introduces the C-D production function of three factors including knowledge stock,and measures three kinds of resource mismatch indexes based on the productivity mismatch model of Hsieh and Klenow(2009).Then,the theoretical analysis framework of the impact of patent transfer on the efficiency of enterprise resource allocation is constructed,and the impact of internal and external patent transfer on the efficiency of capital,knowledge and labor resource allocation is analyzed,and on this basis,the main transmission path is explained.Then,through the two-way fixed effect of panel data,we empirically test the influence of internal and external patent transfer on the allocation efficiency of capital,knowledge and labor resources as well as different transmission mechanisms,and test the heterogeneity of different agency costs,knowledge stock and equity properties.Finally,according to the main conclusions,relevant policy recommendations are put forward.The main findings of this thesis are as follows:First,theoretical analysis shows that patent transfer has no significant effect on the allocative efficiency of labor force.Patent transfer can optimize the allocative efficiency of knowledge and capital,especially knowledge,and has a heterogeneous effect on the allocative efficiency of different resources.Specifically,Internal patent transfer will optimize the allocation efficiency of knowledge resources by promoting innovation performance.External patent transfer will optimize the efficiency of knowledge resource allocation by promoting technological diversification;External patent transfer may reduce the efficiency of capital allocation by increasing R&D expenditure,or optimize the efficiency of capital allocation by increasing R&D expenditure.External patent transfer can optimize capital allocation efficiency through financing constraints of link enterprises.Secondly,this thesis constructs the C-D production function of three factors introducing knowledge stock.Based on the productivity mismatch model of Hsieh and Klenow(2009),the thesis measures the resource mismatch index of capital,knowledge and labor of China’s listed manufacturing companies.The measurement results show that knowledge resources have the highest degree of mismatch among the three kinds of resources,with the highest mean and standard deviation,and strong heterogeneity.Labor resources are the least mismatched among the three kinds of resources,and the heterogeneity is low.The degree of mismatch of capital is lighter than that of knowledge resources,but it also has higher mean value and heterogeneity.The patent transfer data without subdivision is used to make an empirical study of three kinds of resource allocation efficiency,which supports that patent transfer can promote the resource allocation efficiency of knowledge and labor,but has no significant effect on the capital allocation efficiency.Thirdly,the empirical analysis of the impact of internal patent transfer on the efficiency of resource allocation shows that:(1)The internal patent transfer of enterprise groups promotes the allocation of knowledge resources,but the impact of internal patent transfer on the allocation of labor resources is not significant.The conclusion that internal patent transfer promotes knowledge resource allocation is still supported by the robustness test from three aspects: replacing the key variable measurement index,correcting the endogeneity of the model and considering the delay effect.(2)Heterogeneity analysis shows that in non-stateowned enterprises with high second type agency costs and high knowledge stock,internal patent transfer has a significant promoting effect on the allocative efficiency of knowledge resources,but in the samples with high knowledge stock,the promoting effect of internal patent transfer decreases.Correspondingly,in the second type of low agency cost,low knowledge stock and state-owned enterprises,the efficiency of internal patent transfer on knowledge resource allocation is no longer significant.In the samples with low knowledge stock,even the sign of the coefficient will change.(3)The mediation effect model verifies that innovation performance plays a partial mediating role in the promotion of knowledge resource allocation by internal patent transfer.Fourth,the empirical analysis of the impact of external patent transfer on the efficiency of resource allocation shows that:(1)The external patent transfer of enterprise groups promotes the allocation of knowledge resources and the efficiency of capital allocation.The basic conclusion that external patent transfer promotes the allocation of knowledge and capital resources is still supported after the robustness test from the four aspects of replacing key variable measurement indicators,correcting the endogeneity of the model,eliminating abnormal sample points and considering the delay effect.(2)In the heterogeneity analysis of the effect of external patent transfer on capital allocative efficiency,it has been discovered that state-owned enterprises exhibiting lower second-order agency costs and higher knowledge reserves,external patent transfer has a significant promoting effect on capital resource allocation efficiency,and the promoting effect is stronger than that of the basic model.In the heterogeneity analysis of external patent transfer on knowledge allocative efficiency,it is found that in non-state-owned enterprises with high knowledge stock,external patent transfer has a significant promoting effect on knowledge resource allocation efficiency,while the difference of the second type of agency cost does not affect the promoting effect of external patent on knowledge resource allocation.(3)The mediation effect model verifies the partial mediating role of "financing constraint" in the promotion of capital resource allocation by external patent transfer,that is,external patent transfer promotes the efficiency of capital allocation by easing corporate financing constraint.The mechanism variable of "R&D expenditure" plays a masking role in the promotion of capital resource allocation by external patent transfer,that is,external patent transfer increases R&D expenditure and covers the direct effect of external patent transfer on optimizing capital allocation efficiency.The total effect is smaller than the direct effect,but it still plays a role in optimizing capital allocation efficiency.The mediation effect model verifies the partial mediating role of "technology diversity" in the promotion of knowledge resource allocation by external patent transfer,that is,external patent transfer promotes knowledge allocation efficiency by improving enterprise technology diversity.In order to guide the rational flow of resources among enterprises and optimize the allocation of enterprise resources through patent transfer and reallocation,this thesis provides relevant policy suggestions from four perspectives: first,from the perspective of subsidiaries within the group.Resource production and allocation decisions should be rationally planned according to their own resource endowment.The group resources should be used to actively participate in knowledge production,and feed the group to realize the flow,production and reflow mode of knowledge resources.Second,from the group’s overall internal perspective.Allocate resources to subsidiaries that actively participate in patent transfer and sharing;Information barriers should be broken within the group to promote the flow of knowledge and production personnel within the group;Implement knowledge management at subsidiary level,encourage and regulate patent transfer activities within the group;The group as a whole should do a good job in top-level design,overall planning and coordination to avoid resource redundancy and mismatch;Financing guarantee and financing channels should be provided for innovative technology companies within the Group.Third,from the overall external perspective of the group.We should focus on the long-term technological development direction and reserve talents and knowledge resources in advance.The corresponding knowledge resource management decisions are made by considering R&D cost and transaction cost comprehensively.Integrate knowledge resources to achieve economies of scale;Make full use of the surplus value of knowledge resources by selling,licensing and other ways.Fourth,from the perspective of the government.Should expand the technology enterprise financing way;Ipr protection should be strengthened and technology market development regulated. |
